MISMO®, the real estate finance industry standards organization, seeks public comment on a new set of enhanced work products created by the Closing Instructions Development Workgroup, designed to create a common format for closing instructions.
Category: News and Trends
April Existing Home Sales Down 3.4%
April existing home sales fell by 3.4 percent, but showed potential signs of stabilizing, the National Association of Realtors reported Thursday.
Dealmaker: Institutional Property Advisors Sells Phoenix Multifamily for $42M
Institutional Property Advisors, Calabasas, Calif., sold Spring, a 186-unit apartment asset in Phoenix, Ariz., for $42 million, or $225,806 per unit.
MBA: IMBs Report Pre-Tax Net Production Losses in 1Q
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $1,972 on each loan they originated in the first quarter, an improvement from the reported loss of $2,812 per loan in the fourth quarter, the Mortgage Bankers Association reported Thursday.
Elevating Your Quality Quotient, Part II: Mortgage Servicing Post-Pandemic
Regulations offer guardrails, but rebuilding trust is key to a vibrant mortgage servicing industry. The hurdles of the Great Financial Crisis have been largely overcome and the COVID-19 Pandemic National Emergency was formally decreed behind us on April 10. So, what does the marketplace for servicing look like today and what aspects of servicing could look different in the future?
Christy Moss, CMB, of FormFree: It’s Time to Stop Punishing Borrowers with Outdated Underwriting
Tthere is nothing inherently wrong with traditional credit scoring models. In fact, they are excellent tools for gaining insight into consumers’ repayment history. However, there is a problem with the way they are treated as the end-all-be-all mortgage underwriting metric.
Industry Briefs May 19, 2023: Vice Capital Markets Releases Integration with Freddie Mac Income Limits API
Vice Capital Markets, Novi, Mich., released an integration with Freddie Mac’s Income Limits application programming interface. The API grants Vice Capital customers access to area median income information to determine if a loan meets the AMI percentage eligibility criteria for certain Credit Fee Caps.
Quote: May 19, 2023
“Conditions continue to be challenging for the industry, with now four consecutive quarters of production losses and nine consecutive quarters of volume declines.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
Francesco Paola of Mozaiq.ai: How Intelligent Automation Helps Lenders Win
Lenders are squeezed on both sides – the need to improve loan profitability and at the same time ensure that their loan quality meets the new compliance criteria. Make no mistake, these two are related—compliance directly impacts profitability (and the lender’s reputation).
Michael Carpenter of NContracts: Risk Management Controls—a Primer
Risk management is a critical aspect of banking and mortgage operations. However, one area that often draws resistance is risk management controls. The concept may seem intimidating or overwhelming, but when you break down the components, you’ll find risk management controls aren’t nearly as complicated as you think.